The UNESCO Biosphere Reserve and Ecuadorian National park Yasuni is one of the most biodiverse place on Earth and home of the voluntary isolated tribe Taromenane. But that’s not what oil companies and loggers appreciate about it. It is estimated to contain approximately 846 million barrels of crude oil, approximately 20% of the country’s proven oil reserves. That represents a lot of money, for both the Oil companies and the government of Ecuador.
So what can you do when you have to find money to finance the « Revolucion Ciudadana », but you are also committed to protect the environment of your country? Well, Correa managed to find a solution: the government of Ecuador proposed a permanent ban on oil production inside the Ishpingo-Tambococha-Tiputini (ITT) oil field in exchange for 50% of the value of the reserves, or $3.6 billion over 13 years to be raised from public and private contributions from the international community. This is the Yasuni-ITT initiative, officially launched in 2010.
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